LSBF Blog - Global Matters

£400m in tax could come from personal service company crackdown

November 07 ,2015 | by Thiago Kiwi

Ministers are discussing whether to close a tax loophole that could be costing the Treasury up to £400m and is currently being exploited by as many as 100,000 people.

The rules surrounding how personal service companies are used could be tightened in the run up to Chancellor Osborne’s autumn statement on 25 November.

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UK economy gains £4.1bn from British music industry

November 06 ,2015 | by Claire Payne

One in seven albums sold around the world last year were by British artists, with names such as One Direction and Coldplay joining the ranks of legacy acts such as The Beatles and Pink Floyd.

In total, the British music industry generated £4.1bn for the UK economy in 2014, representing a growth of 5% as opposed to the overall economy’s rise of 2.6%.

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Only 45% of charities have set counter-fraud strategy, reveals survey

November 06 ,2015 | by Hari Sri

Less than half of charities that took part in a new survey have a written counter-fraud and corruption strategy in place.

A report by accountancy firm PKF-Littlejohn looked at the charity sector and how it is set up to deal with issues surrounding fraud.

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Women in finance get board-level boost, shows research

November 06 ,2015 | by Helen Gould

Women have more opportunities to reach senior jobs in the accounting and finance sector than they did a decade ago, says new research by recruitment company Robert Half.

Nearly two thirds of UK finance directors believe that the position has changed over the past ten years.

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VAT loophole worth £355m reviewed by EU

November 05 ,2015 | by Claire Payne

The European Commission (EC) is looking into the possibility of withdrawing the Low Value Consignment Stock Relief (LVCR) scheme.

Talks with member states have begun with a view to ending the scheme, which exempts non-EU sellers of goods to EU consumers from VAT and is estimated to be worth about €500m (£355m) each year.

 

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UK service sector registers growth in October

November 05 ,2015 | by Thiago Kiwi

Last month saw a rise in activity for the UK's service sector for the first time in four months.

According to the latest Markit/CIPS service sector purchasing managers' index (PMI), there was an increase from 53.3 to 54.9 from the previous month. A result above 50 indicates growth.

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HMRC receives £5.5bn from 43% capital gains jump

November 04 ,2015 | by Erin O’Neill

A succession of increases in the Capital Gains Tax (CGT) rate, combined with the removal of CGT reliefs, has seen bills rise by 43% this year to £5.5bn - up from £3.4bn in the previous year.

An increase in turnover from investments, including shares and buy-to-let property, has also had an impact in the windfall for the Treasury.

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HMRC issues guidance document explaining changes to Gift Aid

November 04 ,2015 | by Helen Gould

HM Revenue and Customs (HMRC) has issued new guidance to charities regarding the changes to Gift Aid.

The new rules surrounding the tax break, which can be an important source of income for a wide range of charities, are laid out in a new guidance document published by HMRC aimed at helping charities adopt the measures.

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Almost 3 in 10 females earn less than living wage, shows research

November 04 ,2015 | by Claire Payne

According to new research by KPMG, 29% of female workers in the UK earn less than the living wage.

The report highlighted the gender gap at the low end of the earnings scale, because in comparison, only 18% of males are in the same position.

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New HMRC repayment policy could delay tax refunds

November 03 ,2015 | by Thiago Kiwi

Taxpayers might have to wait months for refunds if they pay their dues to HM Revenue and Customs (HMRC) using debit or credit cards under new procedures.

Accountants Blick Rothenberg LLP warn the changes could cause chaos, and repayments might go astray.

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E&Y inks partnership deal with online networking platform LinkedIn

November 03 ,2015 | by Erin O’Neill

Specialist online networking platform LinkedIn has partnered with Big 4 firm E&Y in a move that marks a big step for the internet company.

The announcement of the strategic partnership with E&Y (formerly Ernst & Young) followed the recent release of LinkedIn's Q3 earnings.

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SMEs should take cyber security more seriously, shows survey

November 03 ,2015 | by Claire Payne

A new KPMG survey says that SMEs could be frozen out of the procurement process if they do not take cyber security more seriously.

According to the study, looking after valuable client data should be a higher priority for firms, and some risk being disqualified from bidding for work.

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CIOT calls for simplified VAT system for UK SMEs in Europe

November 02 ,2015 | by Hari Sri

The Chartered Institute of Taxation (CIOT) has set out six objectives for EU tax officials to help UK SMEs consider Europe as their home market.

The proposals aim to stimulate action so that more UK small and medium-sized enterprises expand their European-wide activities.

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Advance assurance on R&D tax relief to boost SME usage

October 30 ,2015 | by Hari Sri

Small companies that have a turnover under £2m and employ less than 50 people can seek advance assurance on R&D tax relief from next month.

This will help them put more effective financial planning in place and give them more certainty, says HMRC.

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Sage launches new payments service for small businesses

October 30 ,2015 | by Helen Gould

Accountancy sector brand Sage has launched a new service that lets SMEs make domestic and international payments directly from their software.

Sage Payments will allow small and medium sized businesses to use accounts or payroll systems to make the payments.

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Twenty-five per cent of UK top 100 boards now made up of women

October 30 ,2015 | by Erin O’Neill

A new report says that a "major milestone" has been reached in the UK economy, as top FTSE 100 companies have now met a voluntary target of having women make up a quarter of their board membership.

However, the report's author, former trade minister Lord Davies, says that more still needs to be done.

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UK PAYE and self-assessment tax gap has increased to £8.5bn, reveals study

October 29 ,2015 | by Erin O’Neill

HM Revenue and Customs (HMRC) PAYE and self-assessment tax gaps have increased over the past 12 months, according to a new study.

Pinsent Masons' analysis also forecasts an increase in the number of investigations into high net worth individuals (HNWs). HMRC has already upped probes into suspected payroll fraud.

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UK economy sees third quarter slowdown to 0.5 per cent growth

October 29 ,2015 | by Hari Sri

Growth for the UK economy slowed in the third quarter of the year with an increase of only 0.5%.

Manufacturing and construction sectors were partly to blame for the drop, which saw gross domestic product (GDP) growing at a slower rate than the 0.7% that had been achieved in the second quarter between July and September.

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Venture capital funding for startups strong, shows report

October 29 ,2015 | by Thiago Kiwi

A recent report from Big 4 firm KPMG in association with CB Insights says the UK economy is the European ‘hot spot’ for investment in start-ups.

The 'Venture Pulse Q3 2015' did however point out that the amount invested in the UK has fallen and is now at the lowest for five quarters. 

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UK requires new approach for business to deal with tax non-compliance issues, says CIOT

October 28 ,2015 | by Thiago Kiwi

The Chartered Institute of Taxation (CIOT) says that the UK's new IR35 income tax and National Insurance contributions legislation requires a new approach for businesses dealing with non-compliance issues.

The income tax and NICs legislation will affect anyone working through an intermediary for an organisation, such as a Personal Service Company (PSC).

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Accountancy firms lose confidence about future growth prospects, reveals report

October 28 ,2015 | by Hari Sri

The UK's accountancy sector is seeing confidence plunge as more firms become more pessimistic about their future prospects compared to what their outlook was a year ago.

The main concerns revolve around issues such as retaining clients and managing costs.

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SME owners don't switch accounts due to lack of competition, says CMA

Banking services for SMEs lack competition and need an overhaul, according to the Competition and Markets Authority (CMA).

The creation of a price comparison site would be one factor that could improve the way banks work to compete for customers, the consumer watchdog says.

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Why technology trends are revolutionising the interview process (and how to prepare!)

October 27 ,2015 | by LSBF Blog Staff

Today’s students and graduates are the first generation to grow up completely immersed in the digital age – and graduate recruiters are catching up with the latest trends.

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HMRC Charter committee looks for independent members

October 27 ,2015 | by Hari Sri

HM Revenue and Customs (HMRC) are looking for independent members to give an oversight of tax authority by joining the new Charter committee.

The body will be a subcommittee of HMRC's board charged with overseeing how the tax authority adheres to its Charter commitments, which set out taxpayers’ rights in the UK economy. The move is aimed at strengthening governance.

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Europe's top court gives bitcoin VAT exemption

October 27 ,2015 | by Erin O’Neill

Taxpayers that exchange national currencies for bitcoins, the virtual currency, will not have to pay value-added tax says The European Court of Justice.

The long-awaited ruling has clarified the tax treatment of those who use virtual currencies in the European Union.

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